In a Q1 earnings call, Alliance Resource Partners, a coal mining company valued at $2.8 billion and listed under the ticker ARLP on the Nasdaq, announced that it has entered the Bitcoin mining sector and presently holds 425 Bitcoin on its balance sheet.

Cary Marshall, Senior Vice President and CFO of Alliance, explained that the company initiated a Bitcoin mining pilot project in the latter half of 2020 at its River View mine to capitalize on excess electricity that had already been paid for. 

He noted that as a result, the company now possesses approximately $30 million worth of Bitcoin. 

This valuation is based on each Bitcoin being priced at about $70,500 at the end of Q1 2024, bringing the total to a net profit of $7.3 million from Bitcoin mining for that quarter.

Joe Craft, President and CEO, clarified during the call that while Alliance holds the 23rd largest Bitcoin reserve among companies, they are not shifting their core business focus towards Bitcoin. 

Instead, they are pragmatically managing their Bitcoin operations by selling enough to cover costs and minimize risk, while also leasing excess capacity to other miners in their newly established data center, leveraging their low energy costs.

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